When it comes to deciding to buy a home for the first time, dogs trump nuptials and babies for millennials.
In a recent survey, 33 percent of Americans between the ages of 18 to 36, were influenced by their canine pup when buying a home, with dog features like a big yard playing a role in the decision-making process. Twenty-five percent of millennials cited marriage as a factor, and 19 percent said they took children into consideration, according to a SunTrust Mortgage survey.
Only more living space (66 percent) and creating equity (36 percent) ranked higher than the dog factor.
“Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” Dorinda Smith, SunTrust Mortgage president and CEO said in a statement. “For those with dogs, renting can be more expensive and a hassle; home ownership takes some of the stress off by providing a better living situation.”
Also, 42 percent of millennials said their dog, or their hope to have one in the future, was a key factor in actually wanting to buy a home in the first place.
The findings don’t come as too much of a surprise to us. Millennials recently surpassed baby boomers as the generation that owns the most pets, accounting for 35 percent of all pet owners, according to American Pet Products Association. . They also are taking longer to get married and have children.